Lifecycle Analysis: It’s Worth the Effort
Monday, April 18, 2011Performing a risk analysis as part of an IEC61508/61511/ISA 84.01 safety lifecycle process can be quite challenging. How can you be sure you get what you need within budget and how can your team provide the best value for money? When these services are brought in from outside, it can be difficult to see high quality and the value of that quality in advance. But it is almost always easy to see the cost. Also the buying decision is often based on the project requirements rather than the overall life of the plant requirements. As a result, this situation can easily lead to a lower quality risk analysis. This problem is what classical economics calls “the market for lemons,” and…
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